Posts Tagged ‘capital gains’

Five Challenges for the IRS’s New Capital Gains Reporting Rules

Sellers of stocks and other assets have always had to calculate their cost basis (generally, what they paid for the investment) in order to figure their taxable capital gains. In the past, this was often a hit-or-miss experience that required lots of tedious research (occasionally with help from brokers) and more than a bit of […]

Romney’s Tax Plan Really Does Favor the Rich

Despite evidence to the contrary, there is a lingering view that Mitt Romney’s tax plan would primarily help middle-income households and not favor the rich. Yet TPC’s analysis of the plan clearly showed that high-income households would win big and others would do less well. Poor families would actually lose, relative to the taxes they’re […]

Rick Santorum’s Tax Plan

With Rick Santorum surging in Iowa, it is a good time to take a look at his tax agenda. While his revenue plan has received almost no attention, it plays a  major role in his “faith, family and freedom” campaign. His playbook: lower rates for individuals and corporations, substantially cut taxes on capital, and increase the personal […]

Perry’s Free Lunch Flat Tax

There is lots we still don’t know about GOP presidential hopeful Rick Perry’s tax and budget plan. But I am pretty sure of one thing: The proposal he released today would result in a massive tax cut and, combined with his vow to balance the federal budget by 2020, implies huge reductions in federal spending.  Perry, […]

The Democrat’s Millionaire Tax: Smart Politics, Awful Policy

Senate Democratic Leader Harry Reid’s plan to fund a $445 billion stimulus, err, jobs bill with a 5.6 percent surtax on millionaires is not all bad. After all, Tax the Rich does make a nice campaign bumper-sticker. But it is mostly bad. Why? Here are five reasons. The idea, endorsed today by President Obama, would […]

Obama’s Buffett Rule: Keep Your Eye on Capital Gains

President Obama didn’t quite get around to saying so when he rolled out his latest deficit reduction plan on Monday, but his Buffett Rule—that no one making more than $1 million should pay a lower tax rate than those in the middle-class—is mostly about investment income. On average, high income people do pay significantly higher tax rates than […]

Will Romney’s Modest Capital Gains Tax Cut Hurt With the GOP?

Welcome to the season of jobs plans. GOP presidential hopeful Jon Huntsman offered his last week. President Obama will propose his before Thursday night’s football game.  But today is GOP presidential hopeful Mitt Romney’s day. And at least when it comes to tax policy, he veers a bit to the left of the new Republican orthodoxy.  To be […]

How Michele Bachmann Would Knock 20,000 Millionaires off the Tax Rolls

In a revealing interview with Steve Moore of The Wall Street Journal, Representative Michele Bachmann(R-MN) called for repealing taxes on capital gains. She also said she strongly believes that everyone should pay some income tax. This got me wondering: What would happen to the number of non-payers if the GOP presidential hopeful got her wish […]

There They Go Again: The ‘People’s Budget’ and High Tax Rates

Will Donald Trump bring Barack Obama’s birth certificate to the Royal wedding? I have no idea, but now that I’ve made our Web optimization folks happy, here is another question: What’s the deal with the People’s Budget, the fiscal plan released this week by 80 congressional progressives? The answer is likely to drive less traffic than […]

Who Benefits From Those Tax Breaks? All of Us.

“We have met the enemy and he is us,” said the cartoonist Walt Kelly. He was talking about preserving the environment, but he could have been describing our national addiction to tax credits, deductions, and exclusions. These tax breaks increase after-tax income for nearly all of us. At a panel discussion this afternoon, my Tax Policy […]